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Thursday, February 9, 2023
HomeNewsBitcoin Price Spends 4 Weeks At 2017 Peak Prices, What Comes Subsequent?

Bitcoin Price Spends 4 Weeks At 2017 Peak Prices, What Comes Subsequent?


Bitcoin actions within the 2022 bear market have virtually utterly deviated from the established bear tendencies available in the market. The digital asset which had by no means fallen beneath a earlier cycle peak had lastly performed it when it fell to $17,600 following the June crash. Since then, the cryptocurrency has had a tough time sustaining its value above the earlier cycle peak and has now spent quite a lot of weeks nursing this present degree.

Bitcoin Enters Consolidation Levels

Bitcoin has been consolidating across the 2017 peak ranges for the final month. It continues to battle in opposition to the tide on this regard however not even the varied recorded accumulation tendencies have been sufficient to tug it out of this rut. Since its fall to the $17,000 degree, there has not been a lot in the way in which of restoration for the digital asset.

Related Reading | Ethereum Price Falls Below Critical Level, Will It Hold $1,000?

As a end result, the main resistance factors have been pushed additional again, placing much more stress on the value. The sell-offs proceed to dominate given the low costs, and the demand throughout the massive traders has continued to wane. The help that had been constructed up at $20,000 had been destroyed. As such, quick merchants have been capable of take management of the value.

BTC consolidates at 2017 peak | Source: Arcane Research

It is essential to notice, nonetheless, that consolidation ranges equivalent to these can typically precede massive surges in value. This has been seen in varied factors prior to now, even earlier than the large bull runs of 2021. However, if there isn’t any vital transfer on the a part of long-term traders, a right away breakout of the consolidation degree stays laborious.

Best Case Scenario

Presently, there isn’t any good argument for bitcoin going into one other bull rally. The finest case state of affairs stays that the digital asset is ready to construct up formidable help to fend off the bears. It’s both that or danger being dragged right down to $14,000 the place there may be stricter help. This is as a result of $14,000 is the height cycle for 2019 and since the opportunity of breaking by two completely different peak ranges stays slim, there’s a likelihood to carry this level.

Bitcoin price chart from TradingView.com

BTC value falls to $19,700 | Source: BTCUSD on TradingView.com

It shouldn’t be discarded that bitcoin can also be seeing help within the $17,000 territory. This was the place it discovered help, and ultimately a lift-off level, through the June crash. This was additionally the purpose at which there was a reduction rally again in early 2018, within the early days of the bear market. So there stays the opportunity of holding regular at this degree.

Related Reading | Bears Refuse To Budge As Bitcoin Struggles To Reclaim $20,000

There remains to be an opportunity for the digital asset to see increased costs. As seen final week, bitcoin had been capable of beat the $22,000 resistance, albeit briefly. A break above this might see the cryptocurrency attempt to rally in the direction of $28,000, which occurs to be robust resistance for the asset.

While a $28,000 mark is a pleasant short-term degree to hit for traders, it ought to be saved in thoughts that there’s nonetheless vital resistance at $25,000. This level which had served as help when the value had beforehand fallen beneath $30,000 now stays a bit hindrance in the direction of one other upward rally.

Featured picture from Marca, charts from Arcane Research and TradingView.com

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